Share this entry

Share this page

gazump

Syllabification: ga·zump
Pronunciation: /ɡəˈzəmp
 
/

Definition of gazump in English:

verb

[with object] British
1(Of a seller) raise the contracted price of a property after having informally accepted a lower offer (from an intending buyer).
Example sentences
  • Yes, it sounds as if the modern digital cellular service has already gazumped the WiFi network idea.
  • That committee finally reported last Friday, but the Government had already gazumped it.
  • Whereas gazumping gave sellers the upper hand, allowing them to accept 11 th hour bids above the original offer, gazundering turns the tables on them.
2 archaic Swindle (someone).
Example sentences
  • Amidst the saccharine clichés, there are lots of uncomfortable moments as she ponders gazumping her client.

Origin

1920s (sense 2): from Yiddish gezumph 'overcharge'. sense 1 dates from the 1970s.

More
  • These days we associate gazumping with the buying and selling of houses, a use that dates from the 1970s. It now means ‘to raise the price of a house after accepting an offer from a prospective buyer’, but in the early 20th century it simply meant ‘to swindle’, deriving from Yiddish gezumph ‘to overcharge’. In the late 1980s the opposite term gazunder (a combination of gazump and under) was coined to describe the practice of lowering the amount of an offer that the seller has already accepted while threatening to withdraw if the new offer is not accepted.

Derivatives

gazumper

1
noun
Example sentences
  • In Britain we are the worst gazumpers in Europe, with about one in three buyers falling victim.
  • Ward off gazumpers and make vendors feel morally bound to proceed, by keeping in touch with everyone involved.
  • When prices are rising so quickly, there's plenty of room for a gazumper to step in and offer the buyer a better deal.

Words that rhyme with gazump

bump, chump, clump, crump, dump, flump, frump, grump, hump, jump, lump, outjump, plump, pump, rump, scrump, slump, stump, sump, thump, trump, tump, ump, whump

Definition of gazump in:

Share this entry

Share this page

 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.

Get more from Oxford Dictionaries

Subscribe to remove adverts and access premium resources

Word of the day resilient
Pronunciation: rɪˈzɪlɪənt
adjective
able to recoil or spring back into shape…